19th April 2017, Florida-The global ambulatory services market size worth USD 3.7 trillion by 2024, according to a new research study published by Ameri Research. The factors propelling the market include the growing prevalence of chronic diseases, increasing healthcare expenditure, increasing number of minimally invasive surgeries(MIS) and high unmet medical needs in the emerging regions.

The rising healthcare expenditure across the globe is key factor boosting the number of procedures performed in the ambulatory care settings. The U.S. spends nearly 3.2 trillion or 17% of its GDP toward healthcare expenditure and these numbers are projected to rise significantly. The cost of surgery in an ambulatory center is nearly 40 to 60 percent lower when compared to standard hospital settings. For instance, on an average the Medicare pays USD 1,745 for performing an outpatient cataract surgery and it pays only USD 976 for the same procedure in ambulatory surgery centers.

The ambulatory services market is segmented based on service type as primary care offices, outpatient departments, emergency departments, medical specialty and surgical specialty. Due to the rising need to perform surgeries such as cataract, orthopedic, and other specialty surgeries with cost efficiency in ashorter span of time, the surgical specialty segment is anticipated to grow at the maximum CAGR of 6.5% over the forecast period. For instance, as per the American Academy of Ophthalmology, each year more than 2 million cataract surgeries are performed and are further expected to rise over the next few years.

The increase in geriatric population is a major factor driving the number of surgical procedures across the globe. A large percentage of the population aged 65 and above are expected to be affected bycataract and orthopedic problems. In the U.S., as per the Administration of Aging (AoA) there were 46.2 million people aged 65 and above. In the UK, there were 11.2 million people aged 65 and above and 23.6 million people who are aged above 50. The rapid growth of the geriatric population is expected to strongly drive the demand for ambulatory services across the North American and European region.

Increasing healthcare expenditure and thehigh cost of hospital operations is boosting the Merger & Acquisition activity in the market. The ambulatory surgery centers are being acquired by large hospitals and are converted into hospital outpatient departments.

The primary care offices accounted for over 44% share in 2016 and this segment is anticipated to continue its dominance over the forecast period. The Surgical Specialty segment is expected to register the maximum CAGR of over 6.5% from 2017 to 2024

In 2016, North America was the leading region with over 41% share of the market, owing to the presence of a large number of ambulatory centers, strong support from thegovernment, high patient satisfaction in terms of quality of treatment and cost savings.

Asia Pacific is expected to outperform other regions with the highest CAGR of 7% over the forecast period.